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Debt Crisis in Europe Officially a 'Recession'; What Now?

You can take your pick of things to worry about regarding the European Union. There is the fact that the euro zone has officially entered another recession, as there have now been two consecutive quarters of negative growth. There is also the fact that France is now sliding into the same trough that has engulfed the Spanish and Italians. The French finance minister accuses the world of “France bashing” but the numbers are what concerns people. The Italians are suggesting that public spending has to be slashed at the same time that others assert that Italy can’t handle any more austerity. The German economy has stalled somewhat, the Netherlands is in recession and Finland is leading a semi-movement of nations fed up with paying.

The fate of the euro zone remains unclear though there seems no desire on the part of the Germans to see it go -- that will be a key factor. The most important issue at this stage is growth, and nobody sees a way to stimulate it without loads of outside help. The desire to bring the U.S. to the table has been miniscule up to this point but that is changing—fast.

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